CV Source (002841): Using the screen as a display device for interactive development

CV Source (002841): Using the screen as a display device for interactive development
Using the screen as a device to show the strength of research and development, to implement the way of interaction, and maintain the purchase level. Based on the inherent advantages of the board, based on the SEEWO and MAXHUB brands, Vision Source has formed a comprehensive research and development as the support, and experienced excellent hardware asThe entrance is a complete ecosystem with differentiated software as a barrier, win-win channel relationships and leading services, and a training mechanism as a diversion.As the competition for homogenization of educational hardware intensifies, we believe that students need content resources behind the window of the screen, and teachers need training and services that easily open this window, so the strategy of sourceThe advantages of appearance, execution and service awareness are prominent.Maintain 18-20 years1.53/2.18/2.EPS of 79 yuan is expected, with a target price of 65.48-69.The 84 yuan was raised to 78.55-83.23 yuan, maintain BUY rating. A typical R & D-driven enterprise with a high proportion of engineers and a wide range of capabilities. At the beginning of its establishment, Vision Sources clearly defined the development philosophy of taking technology as a guide and innovation as the driving force. As of March 19, more than 3,200 employees accounted for engineers.More than 60%.The research institute of the Central Research Institute established by the company in 14 years involves vision processing, signal processing, robot control and systems, natural language processing and speech recognition, etc. It is the first contracted member of the Innovation Asia of Microsoft Research Asia.According to 杭州桑拿网 the data of the State Patent Office, as of now, SourceView has 2,725 domestic patents, including 248 invention patents and 263 international patent applications for PCT. In the field of touch, display, power supply, and display drive for interactive tablet keys, SourceView has its own patents.37, 149, 103, 110. According to the Ministry of Education, the total number of K12 classrooms in the country in 2017 is 838.480,000, plus 32.780,000, benefited from the domestic economic development and the implementation of related fertility policies, 17 years of kindergarten, primary school enrollment increased by 4.22%, 1.8% is expected to support the continued increase in the number of students.As K12 education develops to a “small class” system of about 20 people, we expect that K12 and higher education will increase by 165 in 19-27.42, 13.870,000 classrooms.In the face of market expansion, Vision Source is committed to building interactive tablets as output terminals and as data, intelligent recording and broadcasting on the content generating side has long-term growth potential. With both hardware and software, Sivo has completed its role as a provider of educational informatization application tools from educational informatization1.0 to 2.0, Sivo has completed the change of role from a single hardware vendor to a provider of educational information application tools. We believe that in the future, Sivo is committed to continue to expand new business in the fields of academic affairs, teaching affairs, and school affairs, and continue to focus on softening.Development of a combination of soft and hard modes.Sivo launched a variety of application software that meets market needs, and Seewo Store, a shared application mall, with an open mind to actively integrate education information software and hardware platforms.According to AVC data, 18Q3 Sivo was 43.6%, 39.The market share of 2% won the sales volume and doubled the sales volume, ranking first in the industry for 7 consecutive years. We believe that based on the technical advantages of both hardware and software, the company’s market will further expand and improve. 5G enables remote conferences, high-definition video, raises the company’s target price, and maintains the purchase level. As 5G approaches, the high-speed communication network will create a broad foundation for remote conferences and high-definition video.Card business directly benefits.We maintain 10 on the company for 18-20 years.03/14.31/18.The net profit of 29 trillion attributable mothers is estimated with reference to the average of 28 in 19 years for five comparable companies.81 times the estimated PE level, giving the company a 36-38 times PE estimate for 19 years, corresponding to a target price of 65.48-69.The 84 yuan was raised to 78.55-83.23 yuan, maintain BUY rating. Risk Warning: New product market development is slower than expected, and competition in the interactive tablet market is intensifying.